Indicates Matter Stricken

Indicates New Matter

AMENDED - NOT PRINTED BILL FOR THE HOUSE

Amt. No. #1A (LC-4552.HDB0006H)

Amt. No. #2A (LC-4552.HDB0005H)

April 18, 2024

H. 4552

Introduced by Reps. Pendarvis, Clyburn, Henegan, M.M. Smith, B.L. Cox, Robbins, Brewer, King, Wheeler, Henderson-Myers, Erickson, Stavrinakis, Weeks, Davis, Rivers and Gilliard

S. Printed 04/18/24--H.

Read the first time January 09, 2024

________

A bill

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 31-12-30, RELATING TO REDEVELOPMENT OF FEDERAL MILITARY INSTALLATIONS DEFINITIONS, SO AS TO PROVIDE THAT A REDEVELOPMENT PROJECT INCLUDES CERTAIN AFFORDABLE HOUSING PROJECTS.

    Amend Title To Conform

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1.  Section 31-12-30(6) of the S.C. Code is amended to read:

    (6) "Redevelopment project" means buildings, improvements, including street improvements, water, sewer and storm drainage facilities, parking facilities, and recreational facilities. A project or undertaking authorized under Section 6-21-50 also may qualify as a redevelopment project under this chapter. All such projects may be owned by the authority, the municipality, the county, or other appropriate public body. This term includes portions of the redevelopment project located outside the redevelopment project area so long as they provide needed infrastructure support for the redevelopment project area or the municipality makes specific findings of benefit to the redevelopment project area. A redevelopment project for purposes of this chapter also includes affordable housing projects where all or a part of new property tax revenues generated in the tax increment financing district is used to provide or support publicly and privately owned affordable housing in the district or is used to provide infrastructure projects to support publicly and privately owned affordable housing in the district. The term "affordable housing" as used herein means residential housing for rent or sale that is appropriately priced for rent or sale to a person or family whose income does not exceed eighty percent of the median income for the local area, with adjustments for household size, according to the latest figures available from the United States Department of Housing and Urban Development (HUD).

SECTION 2.  Section 31-12-210(F) of the S.C. Code is amended to read:

    (F) The obligations must be issued not later than fifteen thirty-five years after the adoption of an ordinance by the municipality pursuant to Section 31-12-280 concurring in an authority's redevelopment plan.

SECTION 3.  Article 1, Chapter 3, Title 31 of the S.C. Code is amended by adding:

    Section 31-3-60. A member of an affordable housing limited liability company must refrain from competing with the company in the conduct of the company's business before the dissolution of the company. This section does not apply when the member is, or becomes, a member of another limited liability company and that company does not have an enforceable noncompete provision in their operating agreement.

SECTION 4.  Section 33-44-409(b) of the S.C. Code is amended to read:

    (b) A member's duty of loyalty to a member-managed company and its other members is limited to the following:

       (1) to account to the company and to hold as trustee for it any property, profit, or benefit derived by the member in the conduct or winding up of the company's business or derived from a use by the member of the company's property, including the appropriation of a company's opportunity;

       (2) to refrain from dealing with the company in the conduct or winding up of the company's business as or on behalf of a party having an interest adverse to the company;  and

       (3) to refrain from competing with the company in the conduct of the company's business before the dissolution of the company. This item does not apply when the member is, or becomes, a member of another limited liability company and that company does not have an enforceable noncompete provision in their operating agreement.

SECTION 5.  Section 12-10-88 of the S.C. Code is amended to read:

    Section 12-10-88.  (A) Subject to the conditions provided in subsection (B), South Carolina individual income tax withholding equal to five percent of all South Carolina wages paid with respect to employees that are employed by a federal employer at a closed or realigned federal installation mu